Construction activities, building of skyscrapers, enhancement of infrastructure including airports and metro stations will drive the UAE’s elevator and escalator market to grow at a compounded annual growth rate (CAGR) of six per cent during 2015-21, a report said.

With presence of huge installed base of elevator and escalator in the country, maintenance segment dominates overall market and is anticipated to continue its market dominance over the next six years as well, added the report entitled “UAE Elevator and Escalator Market (2015–2021)” by6wresearch, a global market research and consulting firm specialising in niche and emerging markets.

“In the forecast period, the market is expected to regain momentum on account of upcoming World Expo 2020,” explained Shefali Goel, research associate, Research and Consulting, 6Wresearch.

“This upcoming event is regarded as a major market driver for the growth of elevator and escalator business in UAE. For this event, more than 25 million visitors are expected to visit the country, which would spur construction and expansion of airports, hotels, and metro stations.

“In UAE’s elevator and escalator market, elevators have prominently fuelled the growth of the overall market, but its share is expected to marginally decline by the growth of escalators,” Goel added.

Also, surging demand and increasing competition is resulting into decline in prices of elevator and escalator in UAE market. Moreover, growing domestic manufacturers and joint ventures of international players with domestic players have additionally slashed the prices of these in the country.

Amongst all the applications, commercial application leads the market for elevator and escalator, where retail, transportation, hotels, business parks, and commercial office segments were the key revenue contributors, the report said.

The report provides in-depth analysis with 101 figures and 19 tables covered in 149 pages. The report estimates and forecast overall UAE elevator and escalator market by revenue and types.

It also gives the insights on competitive landscape, market share by companies, price trends, company profiles, market drivers and restraints. – TradeArabia News Service